Tariffs and Crude-Oil Imports

p es: Tariffs of 15% on 112 billion of Chinese goods went into effect on Sunday, as did retaliatory Chinese tariffs on U.S. products like crude-oil imports, according to Market Watch. While there were few hopes that U.S. President Trump would cancel the tariffs in a last-minute change of heart, investors were nevertheless steering clear of risk assets on the first trading day of the month amid worries that the latest hike in duties would be more damaging than previous ones, said Raffi Boyadjian of XM Investment Research in London. With stock exchanges closed for Labor Day, futures on the S&P 500 ES00, 1.00% fell 0.7% to 2903.75, while futures on the Dow Jones Industrial Average YM00, 0.90% dropped 199 points, or 0.8%, to 26207. A report from Bloomberg News that the two sides are struggling to agree on what to discuss in trade talks added to the pressure. Despite headlines that go back and forth, two facts have become more and more clear over time. Economists from UBS say the trade war is impacting the global economy. (news.financializer.com). As reported in the news.